(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the multifamily market, click here.)

LOS ANGELES-MJW Investments has placed its 23-acre, 1.8-million-sf former Sears Distribution Center in Boyle Heights on the market, offering a rare opportunity for developers to acquire a site of such size so close to Downtown. City officials have designated the site of the Downtown L.A. landmark for up to $450 million in redevelopment.

The East Los Angeles site of the 1920s-era Sears distribution center, visible to thousands of drivers passing by on freeways daily, has been designated for development that could include condominiums, apartments and 660,000 sf of stores, offices and restaurant space. The site is mostly vacant except for a Sears retail store and auto center.

Mark Weinstein, president and CEO of MJW Investments, says his company has invested $50 million in the project and has created “a blueprint that will facilitate a smooth transition” for whoever buys the property. He adds, “We’ll stay involved to ensure the project’s success.”

Several firms have approached Weinstein about buying the property, which was developed by Sears in 1927. A master plan was created for the location after some 40 meetings with community members and city officials.

Weinstein is soliciting requests for qualifications from buyers interested in the site, with Richard Rizika and a team at CB Richard Ellis in Torrance handling the sale for MJW. Weinstein’s firm is now focusing on projects that can be completed in one to three years and is expanding outside California to focus on the repositioning of more residential and retail sites, he says.

The renovated complex will continue to house a Sears retail store with upper floors turned into condominiums and commercial space. The new owners would be expected to carry out the city’s and the community’s plan to offer “a pedestrian-friendly environment featuring housing, dining, shopping and entertainment,” according to MJW.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.